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ANSA McAL appoints new CEO
Andrew Sabga has been appointed as the new chief executive officer of the ANSA McAL group of companies.
The announcement was made yesterday by group chairman Norman Sabga at the presentation of the group’s half-year results held at its head office at the Tatil Building, Port-of-Spain.
“I am happy to announce that Mr Andrew Sabga has been appointed to the position of CEO of the ANSA McAL group” Sabga (N) said as he spoke in front of a room filled with stockbrokers and media.
Commenting on the group’s financial performance, Sabga (N) said that while the business climate continued to be challenging, the conglomerate model of the group allowed it to persevere in the current economic environment.
“We are able to weather this difficult period because of the strength of the conglomerate model of our group. So while you have one sector that may be having some challenges, this is balanced by others that are performing strongly. We are confident that we will continue to manage and continue to grow,” he said.
For the six month period ended June 30, the ANSA McAL group declared a profit after tax of $307.1 million, a 13 per cent decline from the same period in 2016 when the group registered $352.9 million in after tax profits.
Group revenues increased by 2.4 per cent, moving from $2.89 billion for the first half of 2016, to $2.90 billion for the comparable period in 2017.
In his chairman’s report accompanying the financial statements, Sabga (N) commented on the group’s most recent acquisition of the Berger Paints franchise.
He said: “We previously announced the strategic acquisition of Lewis Berger Overseas Holdings Limited which held equity stakes of 100 per cent in Berger Paints Barbados Limited, 70 per cent in Berger Paints Trinidad Limited and 51 per cent in Berger Paints Jamaica Limited. This is an exciting deal as it creates access to new markets and builds on our existing world class brands. Importantly, we have deepened our presence throughout the region maximising our investment opportunities.”
Elaborating on the Berger acquisition further, Sabga added that the group’s involvement in the paint business made the acquisition a natural fit.
He said: “This is a business we know and feel we can add value to the Berger brand whereby we can learn from them as well as share our knowledge with them as well.”
Addressing the topic of further acquisitions, the group chairman added that the conglomerate would only consider acquiring companies “where synergies are right and can maximise the benefits for our shareholders.”
Sabga noted the strong performance of the financial services sector which he attributed to the healthy returns of its investment portfolios, growing wealth management services and a growing mortgage product.